Asia Markets: Asian markets slip following Wall Street’s post-Powell selloff

Declines for Asia-Pacific equities were restrained early Wednesday after an afternoon selloff in the U.S., though large Chinese companies struggled.

The selloff in the U.S. was spurred by fresh concerns about inflation picking up and along with it, the pace of interest-rate increases. Federal Reserve Chairman Jerome Powell’s gave his first testimony to Congress in his new role.

Equities in Asia came under pressure after the Bank of Japan made a tweak to its bond-buying operations, which caused a slight rebound for the yen. It moved from ¥107.50 per U.S. dollar to ¥107.22. The Nikkei NIK, -0.94% ended morning trading down 0.4%.

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